Press Releases

Inter-Alliance Worldnet Announces Greek Ifa Deal

Subsidiary of Inter-Alliance International (part of Inter-Alliance Group Plc) announces deal with large Greece based IFA.

16th May 2003: Inter-Alliance WorldNet (IAW) is delighted to announce that International Broker Insurance Services S.A. (IBIS), the Athens based IFA, is to join IAW as a full member with immediate effect. The company, which was founded by Nick Demaras in December 1997, provides offshore investment products to the Greek market.

Over the past 6 years, IBIS has built its distribution capability by working with some of the largest tied sales forces in Greece. Total funds introduced in that time amount to $80m - an average of $16m per annum. In 2002, turnover in respect of international business exceeded £400k and this figure is now expected to rise substantially. IBIS has a management team of 3 and a total of 8 licensed financial advisers who operate through the companies 50 or so external introducers.

Nick Demaras, Chief Executive IBIS, has been in the industry for 44 years having started with Old Mutual in 1958 in East Africa. Prior to setting up IBIS he was Managing Director of Interamerican International having held senior management positions with other leading Greek insurance companies including ALICO and Eagle Star International.

This announcement, following the recent link-up with Globaleye in Dubai, indicates further progress by Inter-Alliance WorldNet (www.iaworldnet.com) in its recently launched expansion plans, and is seen as a key development in Inter-Alliance's strategy of becoming the dominant brand for international independent financial advice.

Briian Cosgrave, Chief Executive of Inter-Alliance International and Managing Director of Inter-Alliance WorldNet, said:

"I am delighted to be able to welcome Nick and the IBIS team on board. This is our first significant appointment in Greece and we are delighted that we can boast of having a manager and business leader with Nick's experience and industry knowledge in our team. I know that Nick has plans to grow quickly with us and we are looking forward to working with him and his team to build a substantial business base in Greece."

Nick Demaras, Chief Executive Officer, IBIS S.A., said -

"Working with Inter-Alliance WorldNet will provide IBIS with the back-up and services that we require to expand our presence in Greece. We have already grown substantially over the years but we can now look forward to utilizing the expertise of WorldNet to improve our service offering to our excellent client base. We are impressed with the vision and the professionalism of the Inter-Alliance WorldNet management team and look forward to building a strong relationship with them. We are determined to become a sizeable member of Inter-Alliance WorldNet."